Exhibit 10.68
 Operating Agreement
 of
 HSRE-Campus
Crest IV, LLC
 (a Delaware limited liability company)
 DATED: AS OF JANUARY 20, 2011




---



##### 



TABLE OF CONTENTS
 ARTICLE
    
    PageARTICLE 1 ORGANIZATION
    
    
    11.1 Definitions and Construction
    
    
    11.2 Formation
    
    
    21.3 Name
    
    
    21.4 Members
    
    
    21.5 Registered Office and Agent
    
    
    21.6 Principal Office
    
    
    21.7 Term
    
    
    21.8 Foreign Qualification
    
    
    2ARTICLE 2 PURPOSE AND POWER
    
    
    32.1 Principal Purpose
    
    
    32.2 Other Purposes
    
    
    32.3 Pool One Properties; Additional Properties
    
    
    32.4 Non-Competition and Right of First Opportunity
    
    
    32.5 Powers
    
    
    4ARTICLE 3 CONTRIBUTIONS BY MEMBERS; FINANCING
    
    
    43.1 Initial Capital Contributions
    
    
    43.2 Capital Contributions for Acquisition and/or Development of Pool One Properties and Additional Properties
    
    
    43.3 Pre-Construction Funding for Development Projects, and Pre-Development Costs; Pre-Acquisition Costs for Acquisition Properties
    
    
    43.4 Funding for a Development Project
    
    
    63.5 Construction Loans/Acquisition Loans for Additional Properties
    
    
    103.6 Failure to Fund Required Amount
    
    
    113.7 Operating Deficits; Necessary Cost Loans and Necessary Cost Capital Contributions
    
    
    133.8 Obligations of Campus Crest Guarantor
    
    
    153.9 Organizational Legal Expenses
    
    
    153.10 Guaranty Loans
    
    
    16ARTICLE 4 DISTRIBUTIONS TO MEMBERS
    
    
    164.1 Distribution of Net Cash Flow
    
    
    164.2 Timing of Distributions/Prohibition against Reinvesting Proceeds
    
    
    184.3 Withholding
    
    
    184.4 Clawback
    
    
    184.5 Other Compensation
    
    
    19
 - i -




---



##### 



TABLE OF CONTENTS
 ARTICLE
    
    PageARTICLE 5 MANAGEMENT
    
    
    195.1 Management of Company Affairs
    
    
    195.2 Major Decisions
    
    
    225.3 Property Management Agreement
    
    
    265.4 Notice of Certain Developments
    
    
    265.5 Annual Business Plan and Operating Budget
    
    
    265.6 Development of Project
    
    
    275.7 Rights of HSRE
    
    
    285.8 Meetings of the Members
    
    
    285.9 REIT Related Provisions
    
    
    285.10 ERISA REOC Related Provisions
    
    
    29ARTICLE 6 TRIGGERING EVENTS; REMEDIES
    
    
    306.1 Campus Crest Triggering Event
    
    
    306.2 Remedies for Campus Crest Triggering Event
    
    
    316.3 HSRE Triggering Event
    
    
    326.4 Remedies for HSRE Triggering Event
    
    
    326.5 Replacement of Campus Crest as Day-to-Day Manager; Executive Committee Changes upon
    
    
    336.6 Other Remedies for Breach
    
    
    34ARTICLE 7 INDEMNIFICATION
    
    
    347.1 General
    
    
    347.2 Insurance
    
    
    357.3 Approval of Payments
    
    
    357.4 Indemnification by Member
    
    
    35ARTICLE 8 ACCOUNTING; REPORTING
    
    
    368.1 Fiscal Year
    
    
    368.2 Accounting Method
    
    
    368.3 Determination and Allocation of Profits and Losses
    
    
    368.4 Returns
    
    
    368.5 Financial Statements and Reports to Members
    
    
    368.6 Books and Records
    
    
    378.7 Information; Cooperation with HSRE
    
    
    378.8 Banking
    
    
    38ARTICLE 9 SALE OF PROPERTIES; PURCHASE OPTION
    
    
    389.1 Right to Initiate Sale of Properties
    
    
    389.2 Initiation and Elections
    
    
    39
 - ii -




---



##### 



TABLE OF CONTENTS
 ARTICLE
    
    Page9.3 Failure of Non-Initiating Member to Exercise Purchase Option; Marketing of Properties
    
    
    409.4 Releases; Consents
    
    
    409.5 Liabilities; Indemnity
    
    
    419.6 Purchase of Initiating Member Interest; Closing
    
    
    429.7 Purchase of Loans
    
    
    429.8 Remedies for Noncompliance
    
    
    429.9 Assignees
    
    
    439.10 Limitation on Competing Options
    
    
    439.11 Expenses/Fees
    
    
    43ARTICLE 10 TRANSFER OF MEMBERSHIP INTERESTS
    
    
    4310.1 General Prohibition
    
    
    4310.2 Permitted Transfers
    
    
    4310.3 Involuntary Transfers
    
    
    4410.4 Dissolution or Termination of Members
    
    
    4410.5 Status of Assignor and Assignee
    
    
    4410.6 Admission Requirements
    
    
    4510.7 Effective Assignment
    
    
    4510.8 Cost of Admission
    
    
    46ARTICLE 11 DISSOLUTION
    
    
    4611.1 Dissolution
    
    
    4611.2 Events of Withdrawal
    
    
    4611.3 No Voluntary Withdrawal
    
    
    47ARTICLE 12 LIQUIDATION
    
    
    4712.1 Liquidation
    
    
    4712.2 Priority of Payment
    
    
    4812.3 Liquidating Distributions
    
    
    4812.4 No Restoration Obligation
    
    
    4812.5 Timing
    
    
    4812.6 Liquidating Reports
    
    
    4912.7 Certificate of Dissolution
    
    
    49ARTICLE 13 GENERAL PROVISIONS
    
    
    4913.1 Amendment
    
    
    4913.2 Authorized Representatives
    
    
    4913.3 Arbitration
    
    
    4913.4 Unregistered Interests
    
    
    5013.5 Waiver of Dissolution Rights
    
    
    51
 - iii -




---



##### 



TABLE OF CONTENTS
 ARTICLE
    
    Page13.6 Waiver of Partition Right
    
    
    5113.7 Waivers Generally
    
    
    5113.8 Notice
    
    
    5113.9 Other Business of Members
    
    
    5213.10 Partial Invalidity
    
    
    5213.11 Entire Agreement
    
    
    5213.12 Benefit
    
    
    5213.13 Binding Effect
    
    
    5213.14 Further Assurances
    
    
    5313.15 Headings
    
    
    5313.16 Governing Law
    
    
    5313.17 Limited Liability of Member
    
    
    5313.18 Counterparts
    
    
    5313.19 Confidential Information
    
    
    53
 EXHIBITS :
 
 SCHEDULES
 
 - iv -




---



##### 



OPERATING AGREEMENT
OF  HSRE-CAMPUS CREST IV, LLC
 OPERATING AGREEMENT Agreement HSRE-CAMPUS CREST IV, LLC,  Company HSRE-CAMPUS CREST IVA, LLC, HSRE CAMPUS
CREST PROPERTIES, LLC CAMPUS CREST
 R E C I T A L S :
 WHEREAS
 WHEREAS Schedule 1
 WHEREAS
 NOW THEREFORE
 ARTICLE 1
 ORGANIZATION
 Definitions and Construction




---



##### 



Formation
 Name
 Members
 Registered Office and Agent
 Principal Office
 Term
 Foreign Qualification
 2




---



##### 



ARTICLE 2
 PURPOSE AND POWER
 Principal Purpose
 Other Purposes
 Pool One Properties; Additional Properties Pool Portfolio Company Schedule 1 Pool One
Properties
 Non-Competition and Right of First Opportunity Exhibit H Non-Competition and Right of First Opportunity
Agreement
 3




---



##### 



Powers
 ARTICLE 3
 CONTRIBUTIONS BY MEMBERS; FINANCING
 Initial Capital Contributions Exhibit D
 Capital Contributions for Acquisition and/or Development of Pool One Properties and
Additional Properties Exhibit D pari passu, Capital Calls Section 3.4(d Due Date Section 3.4 Exhibit M
 Pre-Construction Funding for Development Projects, and Pre-Development Costs;
Pre-Acquisition Costs for Acquisition Properties
 Pre-Construction Funding . Pre-Development Costs
 4




---



##### 



Contributed
Property Interests
 Pre-Acquisition Costs IC Approval Notice Pre-Acquisition Costs Acquisition
Termination Notice Section 3.3(b)
 5




---



##### 



Funding for a Development Project
 Timing/Completion Date Section 3.4(d) Section 3.4(e)
 In Balance Requirement; Cost Overrun and Completion Guaranty
  Pooled Reimbursement Amount Section 3.4(b)(iii) Section 4.1(a)(iii)
 6




---



##### 



Excess Savings Account Section 3.4(b)(ii)
 Application of Capital Contributions for Development Projects
 Funding Procedures for Development Projects Section 3.4(e)
 Request for Advance
 7




---



##### 



Emergency Funding Section 3.2
 Re-balancing Contributions . Expected Completion Date Minimum Annual Revenue Tested Property Schedule 4 Re-balancing Property
  8




---



##### 



Re-balancing Contribution Period Re-balancing Contribution Section 4.1 Section 4.1(a) Section 4.1(b)
 Section 3.4(f)(i) Re-balancing Purchase Option Article 9
 9




---



##### 



Construction Loans/Acquisition Loans for Additional Properties Minimum Loan Amount Hazardous Substance Indemnification Agreement Non-Recourse Carve Out Guaranty Payment and
Performance Guaranty Article 7 Article 7
 10




---



##### 



Failure to Fund Required Amount
 Failure to Fund Defaulting Member Sections 3.2 3.3 3.4(a) 4.4 Required Amount Contributing Member Default Amount
 Member Loans Member Loan
 Security for Member Loan
 11




---



##### 



.
 Maturity of Member Loan Section 3.6(b) Section 3.6(e)
 Capital Contribution of Default Amount/Dilution Dilution Percentage Section 4.1
 12




---



##### 



Section 3.6(e)
 Member Default Section 6.1(a) Section 6.3(a) Article 6
 Enforceability of Provisions SECTION
3.6 SECTION 3.6
 Operating Deficits; Necessary Cost Loans and Necessary Cost Capital Contributions
  13




---



##### 



Funding Member Necessary Cost
Capital Contribution Section
3.7 Necessary Contribution Notice
 Non-Funding Member
 Section
3.7(c)(i) Section 3.7(d)
 Necessary Cost Loan Article 4 Article 12 Excess Amount Section 3.7(c)(i)
 14




---



##### 



Section 3.7(c)(i)
 Necessary Costs Sections 3.2 3.3 3.4
 Obligations of Campus Crest Guarantor Exhibit L
 Organizational Legal Expenses
 15




---



##### 



Guaranty Loans
 Section 6.1(i) Guaranty Default Pay Down Campus Crest Guaranty Loan Section 6.1(i)
 HSRE Guaranty Loans Section
6.1(h) HSRE Guaranty Loan Section 3.10(b) Section 3.6(b) provided however Section 4.1(a) Section 4.2(a)
 ARTICLE 4
 DISTRIBUTIONS TO MEMBERS
 Distribution of Net Cash Flow
 16




---



##### 



Section 3.10(a)
 Section 3.7
 Section 3.4(b)(ii)
 pro rata
    Section 3.10(a)
 Section 3.7
 pro rata
 17




---



##### 



pro rata
   Timing of Distributions/Prohibition against Reinvesting Proceeds
 Withholding
 Clawback
 Distribution Shortfall
 18




---



##### 



Section 4.4(a) Section 4.1(b)
 Re-balancing
Distribution Shortfall Section 4.4(b)
 Other Compensation
 ARTICLE 5
 MANAGEMENT
 Management of Company Affairs
 General
 19




---



##### 



provided, however Section 5.2 Section 5.5 provided that
 Responsibilities of Campus Crest. Section 5.1(a)
       20




---



##### 



Material Change in Control Campus Crest Change in Control Effective Date Section 6.2
 21




---



##### 



Related Party Matters provided, however Related
Party Agreement
 Major Decisions Executive
Committee
 22




---



##### 



Section 13.8 Section 5.2 Section 5.2 Major Decision
       23




---



##### 



Article 7
  24




---



##### 



Section 13.19
   25




---



##### 



Property Management Agreement Exhibit G
 Notice of Certain Developments
 Annual Business Plan and Operating Budget
   Annual Operating Budget
  26




---



##### 



Development of Project
 Delivery of Review Items Section
5.1(b) Review
Items Exhibit C
 Limitations on Authority Section 3.3(a)
 27




---



##### 



Development Agreement; Property Management Agreement; and Completion and Cost
Overrun Guaranty
 Exhibit E Exhibit F
 Exhibit G
 Rights of HSRE
 Meetings of the Members
 28




---



##### 



REIT Related Provisions
 Parent REIT REIT
 TRS Services Agreement Exhibit N
 ERISA REOC Related Provisions REOC
 29




---



##### 



ARTICLE 6
 TRIGGERING EVENTS; REMEDIES
 Campus Crest Triggering Event
     30




---



##### 



Article
3
  Section 5.1(c)
  Guarantor
Financial Covenants Section 6.1
 Remedies for Campus Crest Triggering Event
 31




---



##### 



Section 5.1 Section 6.5
 Section 6.1(h)
 HSRE Triggering Event
  Article 3
   Remedies for HSRE Triggering Event
 32




---



##### 



Section 6.3(d)
 Replacement of Campus Crest as Day-to-Day Manager; Executive Committee Changes upon
 , , , Conversion
Date Section 6.5(a) Article 9 Section 6.5 Article 4
 33




---



##### 



Other Remedies for Breach Section 13.3
 ARTICLE 7
 INDEMNIFICATION
 General
 Indemnified
Party
  34




---



##### 



Insurance Article 7 Article 7 Article 7 Section 7.1
 Approval of Payments Section
7.1 Section 13.3
 Indemnification by Member Section 7.4 Section 7.4 Section 7.4 Section 7.4
 35




---



##### 



ARTICLE 8
 ACCOUNTING; REPORTING
 Fiscal Year
 Accounting Method GAAP
 Determination and Allocation of Profits and Losses Exhibit B
 Returns Section 5.2
 Financial Statements and Reports to Members
 Monthly Financial Statements
 36




---



##### 



Exhibit
I
 Annual Financial Statements Sections 4.1
 Monthly Status Report Exhibit J Schedule 2 Schedule 3
 Books and Records
 Information; Cooperation with HSRE
  37




---



##### 



Section 8.7(a)
 Banking Campus Crest Authorized
Bank Account Signatory HSRE Bank Account Representative
 ARTICLE 9
 SALE OF PROPERTIES; PURCHASE OPTION
 Right to Initiate Sale of Properties Buy/Sell Trigger Date Initiating Member Article 9 Buy/Sell
 38




---



##### 



Notice Non-Initiating Member Buy/Sell Price Buy/Sell Property
 Initiation and Elections
 Exercise Period Reply Notice Section 9.2(b) Purchase Option Sale Option
 Initiating Member Purchase Price Section 4.1 Section 4.1
 Section 4.1
 39




---



##### 



Section 9.3
 Failure of Non-Initiating Member to Exercise Purchase Option; Marketing of
Properties
 Sale Period Non-Initiating Member Purchase
Price Section 4.1
  .
 40




---



##### 



Releases; Consents
 Recourse Obligations Article 9
  Liabilities; Indemnity Article 9
 41




---



##### 



Purchase of Initiating Member Interest; Closing Article 9 Buy-Out Closing Date
 Purchase of Loans
 Remedies for Noncompliance Article 9 Article 9 Defaulting Purchaser Non-Defaulting Party
 42




---



##### 



Section 4.1 Section 9.3
 Assignees Article 9 Article 9 Article 9
 Limitation on Competing Options Article 9 Article 9
 Expenses/Fees
 ARTICLE 10
 TRANSFER OF MEMBERSHIP INTERESTS
 General Prohibition Transfer Section 10.6
 Permitted Transfers Section 10.1 Section 10.2 Section 10.6 Permitted Transferees
 43




---



##### 



Section 10.2
 Involuntary Transfers Bankrupt Member Section 10.5 Section 10.6
 Dissolution or Termination of Members Section 10.5 Section
10.6
 Status of Assignor and Assignee Section 10.6(b), (c)
and
 44




---



##### 



(d) Section 10.5 Section 10.2 Section 10.6 Article 10 Section 10.2 Section 10.5 Section 10.6
 Admission Requirements
   Section
10.1
  Effective Assignment
  45




---



##### 



Exhibit B
 Cost of Admission Article 10
 ARTICLE 11
 DISSOLUTION
 Dissolution
  Section 11.2 Section 11.2
  Section 6.2 Section 6.4.
 Events of Withdrawal
    46




---



##### 



Section 10.5
 No Voluntary Withdrawal
 ARTICLE 12
 LIQUIDATION
 Liquidation Section 6.5
 47




---



##### 



Section 12.7 Section
12.2
 Priority of Payment
   Section 4.1
 Liquidating Distributions Section 12.2 Section
12.2 Section 12.2
 No Restoration Obligation
 Timing
 48




---



##### 



§704(b) Regulations Section 12.2
 Liquidating Reports
 Certificate of Dissolution
 ARTICLE 13
 GENERAL PROVISIONS
 Amendment
 Authorized Representatives
  Section
5.2
  49




---



##### 



Arbitration
 Article 10 Section
13.19 AAA Rules
  Section 13.3 Section 13.3
   Article 10 Section 13.19 Article 10 Section 13.19
 50




---



##### 



Section 13.3(f) Section 13.3(f)
 Unregistered Interests
 Waiver of Dissolution Rights
 Waiver of Partition Right
 Waivers Generally
 Notice
 If to HSRE:
    
    c/o Harrison Street Real Estate Capital, LLC
71 S. Wacker Drive
Suite 3571
Chicago, IL 60606
Attn: Christopher N. Merrill
          Stephen M. Gordon
 51




---



##### 



With copy (not constituting
notice) to:
    
    DLA Piper US LLP
203 N. LaSalle #1900
Chicago, IL 60601
Attn: Jesse A. CrizIf to Campus Crest:
    
    c/o Campus Crest Communities, Inc.
2100 Rexford Rd, 4th Floor
Charlotte, NC 28211
Attention: Donald L. Bobbitt, Jr.With a copy (not
constituting notice) to:
    
    c/o Bradley Arant Boult Cummings LLP
One Federal Place
1819 Fifth Avenue North
Birmingham, AL 35203
Attention: Dawn Helms Sharff
  Other Business of Members
 Partial Invalidity
 52




---



##### 



Entire Agreement
 Benefit
 Binding Effect Section 10.5
 Further Assurances
 Headings
 Governing Law
 Limited Liability of Member
 Counterparts
 Confidential Information
 53




---



##### 



Section 13.19 Section 13.19
 [signature pages to follow]
 54




---



##### 



IN WITNESS WHEREOF
 CAMPUS CREST:
CAMPUS CREST PROPERTIES, LLC, a North Carolina limited liability companyBy:
    /s/ Donald L. Bobbitt, Jr.Name:
    Donald L. Bobbitt, Jr.Its:        ManagerHSRE:
HSRE-CAMPUS CREST IVA, LLC,a Delaware 
limited liability companyBy:
    HSREP III Holding, LLC, a Delawarelimited liability company, its sole member By:
    HSRE REIT III, a Marylandreal estate investment trust, itssole member By:
    /s/ Stephen GordonName:
    Stephen GordonIts:        Trustee




---



##### 



JOINDER
  January 20, 2011
    CAMPUS CREST GUARANTOR:CAMPUS CREST COMMUNITIES 
OPERATING PARTNERSHIP, LPBy:
    Campus Crest Communities, GP,LLC, it general partner By:
    Campus Crest Communities,Inc., its sole member By:
    /s/ Donald L. Bobbitt, Jr.Name:
    Donald L. Bobbitt, Jr.Its:        Chief Financial Officer




---



##### 



JOINDER
 Exhibit
F Exhibit G
 January 20, 2011
    PROPERTY MANAGER:THE GROVE STUDENT 
PROPERTIES, INC., a Delaware 
corporationBy:
    /s/ Donald L. Bobbitt, Jr.Name:
    Donald L. Bobbitt, Jr.Its:        Chief Financial OfficerJanuary 20, 2011
    DEVELOPER:CAMPUS CREST DEVELOPMENT,
INC., a Delaware corporationBy:
    /s/ Donald L. Bobbitt, Jr.Name:
    Donald L. Bobbitt, Jr.Its:        Chief Financial Officer




---



##### 



EXHIBIT A
 DEFINITIONS
 11% Cash on Cash Return
 15% Cash on Cash Return
 Act
 Acquisition Budget Exhibit K
 Acquisition Loan
 Acquisition Property
 Acquisition Termination Notice Section 3.3(b)
 Additional Member
 Additional Properties
 Affiliate .
 Agreement
 Annual Business Plan Section 5.5
 A-1




---



##### 



Annual Operating Budget Section 5.5
 Approve, Approved or Approval
 Approved Pre-Development Costs or Pre-Acquisition Costs
 Budgeted Project Costs
 Buy-Out Closing Date Section 9.6
 Buy/Sell Notice Section 9.1
 Buy/Sell Price Section 9.1
 Campus Crest.
 Campus Crest Authorized Bank Account Signatory Section
8.8
 Campus Crest Change in Control Effective Date Section
5.1(c)
 Campus Crest Guarantor
 Campus Crest Guaranty Loan Section 3.10(a)
 Campus Crest Triggering Event Section 6.1
 Capital Account . Exhibit B
 Capital Call Section 3.2
 Capital Contribution
 Capital Event
 A-2




---



##### 



Capital Proceeds
 Certificate
 Certificate of Occupancy
 Class B Preferred Return
 Code .
 Columbia Property
 Company
 Completion and Cost Overrun Guaranty
 Completion Date
 Construction Agreement Exhibit O
 Construction Loan Section
3.5
 Construction Schedule
 A-3




---



##### 



Contributed Property Interest Section 3.3(a)
 Contributing Member Section 3.6(a)
 Control control
 Conversion Date Section 6.5(a)
 Cost Overruns
 Day or day
 Default Amount Section 3.6(a)
 Defaulting Member Section 3.6(a)
 Defaulting Purchaser Section 9.8
 Denton Property
 Development Agreement Exhibit
F
 Development Budget Exhibit K
 Development Project Schedule
1
 Developer
 Dilution Percentage Section 3.6(e)
 Distribution Section 4.4
 A-4




---



##### 



Distribution Shortfall Section 4.4(a)
 Dissolution Section 11.1
 Entitlements
 Entity
 Exercise Amount Section 3.7(d)
 Excess Project Costs
 Excess Savings Account Section 3.4(b)(iii)
 Exercise Period Section 9.2(a)
 Expected Completion Date Section 3.4(f)
 Event of Withdrawal Section 11.2
 Fair Market Value
 Fiscal Year
 Funding Conditions Exhibit E
 Funding Member Section 3.7(a)
 General Contractor
 Governmental Authority
 A-5




---



##### 



Guaranty Default Paydown Section 3.10(a)
 Guarantor Financial Covenants Section 6.1(i)
 Hard Costs
 Hazardous Substance Indemnification Agreement Section
3.5
 HSRE
 HSRE Bank Account Representative Section 8.8
 HSRE Guaranty Loan Section 3.10(b)
 HSRE Mandatory Capital Contribution
 HSRE Triggering Event Section 6.3
 IC Approval Notice Section 3.3(b)
 Immediate Family
 In Balance
 Incentive Distributions Sections 4.1(a)(v) and/or (vi) Sections 4.1(b)(v) and/or (vi)
 Initial Capital Contribution Section 3.1
 Initiating Member Section 9.1
 Initiating Member Purchase Price Section 9.2(b)
 Internal Rate of Return
 A-6




---



##### 



Internal Revenue Service or IRS
 Laws
 Lease
 Liquidation
 Major Decisions Section 5.2
 Mandatory Capital Contributions Section 3.2 Section 3.4
 Mandatory Capital Limit
 Material Change in Control Section 5.1(c) .
 Member Section 1.4
 A-7




---



##### 



Membership Interest
 Minimum Annual Revenue Section 3.4(f)
 Minimum Loan Amount Section 3.5
 Necessary Cost Capital Contributions Section 3.7
 Net Cash Flow
 Net Invested Capital Section 4.1(b)(iii)
 Non-Competition and Right of First Opportunity Agreement Section 2.4
 Non-Defaulting Party Section 9.8
 Non-Recourse
Carveout Guaranty Section 3.5
 Non-Initiating Member Section 9.1
 Non-Initiating Member Purchase Price Section 9.3(a)
 Notice Section
13.8
 Operating Cash Flow
 Parent REIT Section 5.9(a)
 Participating Percentages
 A-8




---



##### 



HSRE
    
    
    80
    %Campus Crest
    
    
    20
    %
 Payment and Performance Guaranty Section 3.5
 Permitted Transferees Section 10.2
 Person
 Plans and Specifications
 Pool Section 2.3
 Pool One Properties Section 2.3
 Pooled Reimbursement Amount Section 3.4(b)(ii)
 Portfolio Company Section 2.3
 Pre-Acquisition Costs .
 Pre-Acquisition Due Diligence Budget .
 Pre-Development Costs .
 Prime Rate
 Project Costs . , .
 Project Financing
 A-9




---



##### 



Properties Schedule 1
 Property Manager
 Property Management Agreement Exhibit G
 Property Owning Subsidiary
 Purchase Option Section 9.2(a)
 Re-balancing Contribution Section 3.4(f)
 Re-balancing Contribution Period Section 3.4(f)
 Re-balancing Distribution Shortfall Section 4.4(b)
 Re-balancing Period Section 3.4(f)
 Re-balancing Property Section 3.4(f)
 Re-balancing Purchase Option Section 3.4(f)
 Recourse Obligations Section 9.4(a)
 Reimbursement Amount
 Reimbursement Conditions
 REIT Section 5.9
 REOC Section 5.10
 Request for Advance Section 3.4(d)
 Required Amount . Section 3.6(a)
 Related Party Agreement Section 5.1(d)
 Reply Notice Section 9.2(a)
 Revenue Testing School Years
 A-10




---



##### 



Review Items Section 5.6
 Sale Option Section 9.2(a)
 Sale Period Section 9.3(a)
 Secured Lender
 Services Agreement Section 5.9(b)
 Soft Costs
 Subsidiary
 Substantial Completion Date
 Substitute Member Section 11.2
 Tax Allocation Provisions Exhibit B
 Tested Property Section 3.4(f)
 Transfer Section 10.1
 Treasury Regulations
 TRS Section 5.9(b)
 Unfunded Excess Project Costs
 A-11




---



##### 



Valdosta Property
 A-12